CRN Network, July 28, 2011, 1300 hrs
The Fedbank Financial Services has automated its loan origination application.
Nucleus Software is providing the solution comprising of the software application FinnOne, for loan origination, loan services, and delinquency/collection management as well as IBM’s Power Systems hardware to run the application.
“IBM is pleased to further extend our engagement with Fedbank with this recent implementation,” said Viswanath Ramaswamy, Vice President, Power Systems, Systems and Technology Group, IBM India/South Asia.
Fedbank books an average of 275 loans per day and it is expected to reach 5000 loans per day by 2013. In addition, Fedbank expects to grow the current number of 92 branches to 1250 by 2013. According to Fedbank, the company’s plans for growth of its gold loans, mortgage loans, and car loans were being impacted by the existing manual loan processes which hindered performance.
“Investment in technology plays an important role in helping improve speed and time to market, increasing the visibility of information, growing our client base, and providing the high level of service to our end users. IBM’s experience of working with leading banks across the globe and in India will be of significant help,” said Shome Sengupta, Managing Director and CEO, Fedbank Financial Services. |